{"id":51970,"date":"2026-06-01T20:41:32","date_gmt":"2026-06-02T00:41:32","guid":{"rendered":"https:\/\/prefblog.com\/?p=51970"},"modified":"2026-09-01T21:04:33","modified_gmt":"2026-09-02T01:04:33","slug":"bpo-pr-n-to-reset-to-6-206","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51970","title":{"rendered":"BPO.PR.N To Reset To 6.206%"},"content":{"rendered":"

Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P. has announced<\/a>:<\/p>\n

the reset dividend rate on its Class AAA Preference Shares, Series N (\u201cSeries N Shares\u201d) (TSX: BPO.PR.N).<\/p>\n

Series N Shares<\/p>\n

If declared, the fixed quarterly dividends on the Series N Shares for the five years commencing July 1, 2026 and ending June 30, 2031 will be paid at an annual rate of 6.2060% ($0.387875 per share per quarter).<\/p>\n

Holders of Series N Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on June 15, 2026, to convert all or part of their Series N Shares, on a one-for-one basis, into Class AAA Preference Shares, Series O (the \u201cSeries O Shares\u201d), effective June 30, 2026.<\/p>\n

The quarterly floating rate dividends on the Series O Shares have an annual rate, calculated for each quarter, of 3.07% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate for the July 1, 2026 to September 30, 2026 dividend period for the Series O Shares will be 1.358580% (5.39% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.339645 per share, payable on September 30, 2026.<\/p>\n

Holders of Series N Shares are not required to elect to convert all or any part of their Series N Shares into Series O Shares.<\/p>\n

As provided in the share conditions of the Series N Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series N Shares outstanding after June 30, 2026, all remaining Series N Shares will be automatically converted into Series O Shares on a one-for-one basis effective June 30, 2026; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series O Shares outstanding after June 30, 2026, no Series N Shares will be permitted to be converted into Series O Shares. There are currently 10,875,438 Series N Shares outstanding.<\/p>\n

The Toronto Stock Exchange (\u201cTSX\u201d) has conditionally approved the listing of the Series O Shares effective upon conversion. Listing of the Series O Shares is subject to Brookfield fulfilling all the listing requirements of the TSX and, upon approval, the Series O Shares will be listed on the TSX under the trading symbol \u201cBPO.PR.O\u201d.<\/p><\/blockquote>\n

BPO.PR.N was issued a FixedReset 6.15%+307, that commenced trading 2010-1-20<\/a> after being announced 2010-1-11<\/a>. The issue attracted some unfavourable comment<\/a> on issue due to the relatively long call lock-out period – which shows complete misunderstanding of the investment impact of an issuer call option, but we’ll ignore that. The issue reset to 3.782%<\/a> in 2016; I recommended against conversion<\/a> and there was no conversion<\/a>.The issue reset to 4.007%<\/a> in 2021, with no conversion. It is tracked by HIMIPref™ but relegated to the Scraps – FixedReset (Discount) subindex on credit concerns. <\/p>\n

Update, 2026-09-01<\/b>: No conversion<\/a> announced 2026-06-16:<\/p>\n

Brookfield Office Properties Inc. (\u201cBrookfield\u201d), a subsidiary of Brookfield Property Partners L.P., today announced that after having taken into account all election notices received by the June 15, 2026 deadline for the conversion of the Class AAA Preference Shares, Series N (the \u201cSeries N Shares\u201d) (TSX: BPO.PR.N) into Class AAA Preference Shares, Series O (the \u201cSeries O Shares\u201d), the holders of Series N Shares are not entitled to convert their Series N Shares into Series O Shares. There were 1,400 Series N Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series O Shares.<\/p>\n

The Series N Shares will pay on a quarterly basis, for the five-year period beginning on July 1, 2026, as and when declared by the board of directors of Brookfield, a fixed dividend based on an annual dividend rate of 6.2060% ($0.387875 per share per quarter).<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P. has announced: the reset dividend rate on its Class AAA Preference Shares, Series N (\u201cSeries N Shares\u201d) (TSX: BPO.PR.N). Series N Shares If declared, …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-51970","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51970","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=51970"}],"version-history":[{"count":3,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51970\/revisions"}],"predecessor-version":[{"id":52508,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51970\/revisions\/52508"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}